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Seoul stocks open higher on ECB hope

Stocks 09:29 September 11, 2019

SEOUL, Sept. 11 (Yonhap) -- Seoul stocks started higher on Wednesday on hopes for monetary easing around the globe and eased woes over the U.S.-China trade dispute.

The benchmark Korea Composite Stock Price Index (KOSPI) increased 11.97 points, or 0.59 percent, to 2,044.05 in the first 15 minutes of trading.

The European Central Bank is widely expected to announce stimulus measures later this week.

Top tech giant Samsung Electronics moved up 0.53 percent, while No. 2 chipmaker SK hynix shed 0.12 percent.

Leading steelmaker POSCO rose 2.47 percent, and Korea Zinc advanced 1.37 percent. Hyundai Steel added 2.45 percent.

No. 1 chemicals firm LG Chem increased 0.16 percent, and top oil refiner SK Innovation rose 0.9 percent.

The local currency was trading at 1,190.85 won against the U.S. dollar, up 2.45 won from the previous session's close.

The South Korean stock market will be closed on Thursday and Friday for the Chuseok holiday, the Korean autumn harvest celebration.

colin@yna.co.kr
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